UK Online Gambling Industry Continues to Grow Exponentially
Many of the UK’s traditional industries have been struggling through the economic crisis, however, the country’s online gambling industry is continuing to grow and last year was worth over £2 billion.
The market has grown an incredibly 80% since the start of the financial crisis in 2008 when it was worth £1.27 billion.
William Hill has seen the greatest success with a 15% share of the market; they are followed by Ladbrokes, Betfair, Bet365 and Paddy Power which have 11% each.
The biggest sector in the UK online gambling industry is sports betting which accounts for 44% of the market. It has grown by 102% since 2008 and is now worth £1 billion.
It is followed by online casinos which have grown by 79% since 2008 and represent 23% of the market.
Bingo has seen the biggest growth of 155% and is 17% of the market while poker has grown by just 8% and is now 15% of the market.
However, despite the growth, the UK Government believes it has lost around £2.1 billion in potential tax revenues since it set a 15% tax rate for UK-based operators. Since the tax was implemented around 2,500 operators are now working from outside the UK.